The leading edge of the baby boomer generation has already reached retirement age. Financial & tax planners can expect increased demand for strategies that dovetail Social Security with other retirement- & estate-planning objectives. This course provides tax & financial planning professionals with both the background information on the Social Security system & the strategies clients will need in dealing with Social Security, & the myriad of all the other related retirement planning issues.

Practitioners who have baby boomer clients with significant wages or earned income

Prerequisite

None

Fees:

Early Bird

Standard

Member

N/A

$219

Non-Member:

N/A

$269

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description:
Social Security seems poised for changes in benefits and eligibility age. The leading edge of the baby boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement- and estate-planning objectives. This course provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need in dealing with Social Security, and the myriad of all the other related retirement planning issues.

Major Topics:

Legislative developments

A full chapter devoted to determining the best new planning options for maximizing joint Social Security benefits

Retirement benefits: Amount of benefits in various circumstances; how the amounts are distributed within the family unit

Qualification: Has the client retired? How business entities may be used for Social Security advantage

Income taxation of Social Security: avoidance tactics

Spousal benefits: Should a spouse return to work? What benefits does a spouse have and when and how do they relate to benefits decisions by the client?

Hiring the spouse: When is it effective?

Disability benefits

Going on Social Security: advantages and disadvantages at ages 62, 66, and 70

Coordinating benefits: should you take Social Security first and higher-balance IRA distributions later, or take IRA balance first and enhanced Social Security benefits later?

Pensions: Distribution strategies; how to use the minimum distribution rules in concert with Social Security benefits

IRAs: Is it time to convert to a Roth?

Medicare, Part D prescription drugs: what retirees need to know

Objectives:

Identify who is entitled to retirement benefits and in what amounts

Identify factors to consider in determining when to take benefits

Discuss taxation of Social Security benefits & how this impacts other income tax planning

Identify and describe the potential effects of retirement and estate planning strategies and tactics that can enhance overall retirement and estate benefits by changing the 'who' and 'when' of the receipt of Social Security benefit payments

Explain Medicare & the prescription drug provision; describe the basic supplementary insurance plans that are available to fill in the gaps in basic Medicare coverage